During the current stay-at-home order from Apr 9, 2021, the sales in Greater Toronto Area through TRREB MLS system recorded 13,663 sales for April 2021; decreased by 12.7% compared to March 2021. The resale average home price remained strong in April of $1,090,992 slightly down by 0.6% compared in March 2021 even though the hot market performed slow down a bit. The price curve appeared relatively flat after the soaring price growth in the 1st quarter 2021. The pace of price growth would also be impacted by the special low-interest mortgage rate over soon and would diminish in next few months. The home price trend will likely continue on shifting upward gradually due to the imbalance of supply and demand. The MLS home composite benchmark price in April of $1,025,200 still increased by 1.75% month-over-month against the inflation rate.
"Sustained growth in sales requires sustained growth in population,” said TRREB President Lisa Patel. In Canada, growing the population relied on immigration is an important tactic. On May 5, 2021, the immigration minister announced to launch a new pathway to permanent residency for over 90,000 essential temporary works and international graduates who are already in Canada and possess the skills and experience. It is a favourable strategy for our economic recovery from recession during the existing border closure.
